Tullow to Announce Geological Test Results in Three Months

Tullow Oil plc, is to announce the results it obtains from the geological test drills launched earlier this month on its Ethiopian concession, in South Omo.

The company anticipates drilling up to a depth of 2,600 meters to test for oil potential, after which it will make the final decision as to whether it will continue drilling or not according to an official with the British oil and gas explorer.

Tullow intends to dig twelve more holes to better estimate the quantity of oil that could be extracted, should it obtain positive results from its initial drilling activity. Drilling is a complex and unpredictable process which is why it is hard to offer forecast if oil will, or will not be discovered before receiving the results of the drilling test explained, Sisay Zerihun, Corporate Manger of Tullow Oil Ethiopia.

Seismic surveying has however indicated that oil reserves in the area are similar too if not exceeding  the reserves discovered in Kenya and Uganda according to an initial report that Tullow had delivered to Ethiopian government officials.

It is to be remembered that Tullow conducted 18 months of seismic surveying, on a plot of land 18,000 kilometers of land, before launching drilling operations. The Full Tensor Gradiometric Gravity survey and collection of seismic data, in the area, was conducted by the Chinese company, BGP Geo Service Plc.

Source: Fortune

Exchange Rates

USD 38.2492  37.4992 
GBP 47.6142  46.6806 
EUR 45.2488  44.3616 
CHF 40.2335  39.4446 
CAD 26.2875  25.7721 
AED 9.4230  9.2382